1. Rs 500, Rs 1000 notes ban: 7 steps banks can take to correct past mistakes

Rs 500, Rs 1000 notes ban: 7 steps banks can take to correct past mistakes

There is lot of brouhaha about demonetisation which has generated a debate about the manner it has been done. Undoubtedly it could have been strategised to cause less inconvenience to the public. But there is always a time to correct past mistakes no matter how trivial they are.

By: | Published: November 11, 2016 6:17 AM
Undoubtedly it could have been strategised to cause less inconvenience to the public. (PTI) Undoubtedly it could have been strategised to cause less inconvenience to the public. (PTI)

There is lot of brouhaha about demonetisation which has generated a debate about the manner it has been done. Undoubtedly it could have been strategised to cause less inconvenience to the public. But there is always a time to correct past mistakes no matter how trivial they are.

I suggest the following steps be taken by banks immediately:

1. Fill cash in all the bins of ATM and re-configure them so that bins used for loading notes of R1000/R500 be filled with R100 and be recogonised as such by the machines

2. The amount of cash in any ATM be monitored on real time basis and alerts be sent to nodal officer by the ATM back office

3. Cash withdrawal will happen round the clock so banks should have a contingency plan to (i)have cash stored in select few branches by withdrawing it from currency chest (ii) cash van be ready for transporting cash any time of the day

4. Official of these select branches be available on call so that they come and open branch even at night and transport cash and fill the ATMs

5. Mobile no/help line no of nodal officer be displayed in all ATMs and branches so that public may inform the official about shortage of cash or other issues which may crop up

6. The helpline/customer care be manned all 24 hours for atleast 7-10 days

7. Rural areas in the vicinity of urban /metro towns should have facility of ATMs on wheel or have cash counters manned the whole day and night

It behooves well on PSBs to serve public when they need it most .No one will forget the gesture of bank officials

The author is former ED, UBI and visiting professor NIBM. Views are personal

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